Ineos Grangemouth refinery and petrochem workers sign up new pension plan, accepts new terms

23-Dec-13

Almost the entire workforce of 1,350 employees at Ineos’s Grangemouth refinery and petrochemical plant in Scotland has signed up to the company’s new pension plan and accepted new terms and conditions, as per Reuters. The acceptance of the deal comes after a drawn out and bitter dispute between operator Ineos and the Unite union over the dismissal of a union representative. The deal puts the company in a good position to bring in significant new investment, as per Calum MacLean, chairman of Ineos Grangemouth (UK), “with our costs coming under control, the shareholders are committed to making good on their promise of a £300 mln investment, which will allow us to build a new terminal and use U.S. shale gas as a new raw material for the petrochemicals site.” The company halted operations at Grangemouth in October and demanded changes in terms and conditions before it would permit a restart. It had previously said that losses would force it to shut the petrochemical plant.